2025 was a busy year for our market-leading tax group which provides high-value, fully comprehensive and commercial advice to a wide range of domestic and international clients operating in all sectors of the Irish economy.
Notable Transactions
Activate Capital and KKR’s €770m development lending platform with ISIF
David Kilty (Partner, Tax) along with associate Ruth O’Sullivan advised Activate Capital and KKR on its latest residential development lending platform with Ireland Strategic Investment Fund.
The €770m commitment represents a continuation and extension of ISIF’s and KKR’s long-term support for Activate.
AIB completes €2 billion significant risk transfer (SRT) agreement
David Kilty (Partner, Tax), with senior foreign registered lawyer Jessica Lewis and associate Isobel D’Arcy, advised AIB on its second SRT agreement in the last 13 months. The deal consisted of shifting €2 billion of mortgages off its balance sheet. The reduction of risk weighted assets is expected to enhance capital efficiency.
Mallinckrodt completes the spin-off of Par Health
Tax partners, Fintan Clancy and Orlaith Kane along with senior associates Dearbhla Ní Fhloinn and Paulina Serafieva advised Mallinckrodt on the spin-off of its Par Health generic pharmaceuticals and sterile injectables business, and Mallinckrodt’s evolution to become Keenova, focussed on branded therapeutics.
Phoenix Tower International on sale of telecom tower portfolio
Ailish Finnerty (Partner, Tax) advised Phoenix Tower International on the sale of a portfolio of 300 telecom towers in Ireland to Ancala Partners LLP. The transaction forms a cornerstone investment for Ancala’s new tower platform, TorLoc Towers.
Mural Oncology plc enters acquisition agreement with XRA 5 Corp (XOMA Royalty Corporation)
Fintan Clancy (Partner, Tax), with senior associate Nicola Cavey and senior foreign registered lawyer Jessica Lewis, has advised Mural Oncology plc (NASDAQ: MURA) on its recent agreement with XRA 5 Corp, a wholly owned subsidiary of XOMA Royalty Corporation, to be acquired for a cash price of between $2.035 and $2.40 per share, using a first of its kind consideration structure for a public takeover in Ireland.
Sprout Social acquires NewsWhip
Fintan Clancy (Partner, Tax), senior associate Paulina Serafieva and associate Isobel D’Arcy advised Sprout Social, an industry-leading provider of cloud-based social media management software, on its acquisition of NewsWhip, a pioneer in AI-powered, predictive media intelligence.
NIQ Global Intelligence plc on its $1.05bn IPO on the NYSE
Tax Partners, Fintan Clancy and Orlaith Kane, along with senior associates Paulina Serafieva and Nicola Cavey, have been advising NIQ Global Intelligence plc, the world’s leading consumer intelligence company, on its $1.05 billion initial public offering and listing of its ordinary shares on the NYSE.
Macquarie acquires renewable asset optimisation company Erova Energy
Ailish Finnerty (Partner, Tax) along with senior associate Nicola Cavey have been advising Macquarie on its acquisition of renewable asset optimisation company Erova Energy.
James Hardie moves to a direct US listing
Tax Partners Fintan Clancy and Orlaith Kane and senior associate Dearbhla Ní Fhloinn advised James Hardie Industries plc to its transition of its secondary listing via American Depositary Receipts (ADRs) to a direct listing of ordinary shares on the NYSE.
Eiffel Investment Group to finance 120 GWh biomethane facility in Ireland
David Kilty (Partner, Tax) and senior foreign registered lawyer Jessica Lewis advised Eiffel Investment Group on the financing of a new biomethane production facility in Ireland, which will be developed by Evergreen Agricultural Enterprises. The major Irish biomethane plant is expected to cost €50 million and power up to 10,900 homes each year.
Supreme Court VAT Litigation
Fintan Clancy (Partner, Tax) and Jack Logan (Partner, Litigation, Dispute Resolution and Investigations) with Rachel Coyle (Associate, Tax) and associates Hugh Fitzgibbon and Fiona Hughes (Litigation, Dispute Resolution and Investigations) represented Covidien in the Supreme Court hearing in a case concerning the right of deductibility of VAT for holding companies.
High Court Royalty Withholding Tax Litigation
Fintan Clancy (Partner, Tax) and Jack Logan (Partner, Litigation, Dispute Resolution and Investigations) with Ruth O’Sullivan (Associate, Tax) and associates Hugh Fitzgibbon and Fiona Hughes (Litigation, Dispute Resolution and Investigations) represented Getty in a case concerning the deductibility for non-Irish withholding tax and the interaction with capital allowances for IP.
Tax Policy Work
Led by Head of Tax Policy, Mary Dineen, we have been advising clients on the changes to Irish tax policy relating to interest deductibility. We have advised clients and engaged extensively on the evolving Pillar Two regime and on the interaction with the emerging Side by Side system in the context of EU law and Irish Constitutional law.
Background: our Tax Group
Our Tax Group is one of the leading tax law practices in Ireland. We provide fully comprehensive and commercial tax advice to a broad range of domestic and international clients operating in all sectors of the Irish economy.
We provide high-value advice on important transactions and challenging situations. Our team is an integrated part of the firm’s wider legal practice for clients but also provides stand-alone tax advice.
We have a highly experienced team made up of five partners, one Of Counsel, one tax director, 13 associates, one professional support lawyer, one paralegal and trainees.
